Designing and buliding a six-axis robotic arm

I am mechanical engineering student looking to design a six axis robotic arm in my university robotics club. Right now im trying to gauge the feasibility of a project this size. Im wondering if someone who has experiance with 6 axis arm design could walk me through a basic design process. Choosing motors/gears ect. As well as answer a few rookie questions such as How much computing power is required? How do design for a desired precision? I have taken kinematics and dynamics but is that going to be enough ? Any information will be appreciated im still relativley new to robotics im banking on help from my team mates and professors to make this project happen. Thanks for reading.

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